Bank of America® Customized Cash Rewards Credit Card Review – $200 Bonus Offer and up to 3% Back

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Overview

Using a right credit card to pay for day to day expenses such as gas or groceries, you could be reaping some big rewards. Bank of America® Customized Cash Rewards credit card is one such card which rewards you on purchases at places such as online shopping sites, restaurants, airlines, hotels, supermarkets, wholesale clubs, gas stations, and more. It allows everyday spenders to accrue cash back and essentially save you money on your daily expenses.

Bank of America® Customized Cash Rewards credit card also offers a $200 sign-up bonus and it has no annual fee. Unlike many other rewards cards, there are no rotating categories to keep track of and you can earn even bigger bonuses just for being a Bank of America customer. These features, along with the rewards program, can make this cash rewards card one of the most valuable credit cards to carry.

  • $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
  • Earn 3% cash back in the category of your choice, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases
  • If you're a Preferred Rewards member, you can earn 25% - 75% more cash back on every purchase. That means you could earn up to 5.25% cash back on purchases in your choice category.
  • No annual fee and no expiration on rewards
  • 0% Introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 13.99% - 23.99% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers.
  • Contactless Cards - The security of a chip card, with the convenience of a tap
  • This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
Intro APR
0% on Purchases and qualifying Balance Transfers
Intro APR Period
15 billing cycles
Regular APR
13.99% - 23.99% Variable APR on purchases and balance transfers
Annual Fee
$0

Card Benefits

$200 Cash Back Bonus Offer

With Bank of America® Customized Cash Rewards credit card, new cardholders can earn a welcome bonus of $200 cash just for using their card. To obtain the $200 bonus cash back, you only need to charge at least $1,000 of purchases to your card in the first 90 days after opening your credit card account. Earning the $200 bonus cash rebate is like receiving a 20% discount on your first $1,000 in purchases, which is an easy way to put more cash back in your pocket.

Rewards Program

You will earn cash back rewards everywhere you go. The card pays you 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement & furnishings, and 2% cash back on purchases at grocery stores and wholesale clubs. There is a cap of $2,500 in combined choice category, grocery, and wholesale club purchases per quarter. After that, those purchases earn 1% cash back. For all other purchases, you will automatically earn unlimited 1% cash back with no cap.

For example, if you spend $7,500 on purchases that qualify for 3% cash back, $2,500 on groceries, and $20,000 on everything else in a year, you will receive $475 cash rewards for the year. You can use our cash back calculator to find out how much cash rewards you may receive.

Spending CategorySpendingCash RewardsNet Spending (after Cash Back)
3% Cash Back Spending Category of Your Choice:
Gas, Online Shopping, Dining, Travel,
Drug Stores, or Home Improvement, etc
$7,500.00$225.00$7,275.00
Groceries$2,500.00$50.00$2,450.00
Everything Else$20,000.00$200.00$19,800.00
Total$30,000.00$475.00$29,525.00
Bank of America Cash Rewards Calculation Chart

To receive cash rewards, you can request cash back as statement credits, checks, or direct deposits into a Bank of America or Merrill Cash Management account. The best part is, your rewards never expire so you can use them whenever you like.

Loyalty Bonus

If you are a Bank of America Preferred Rewards customer, your rewards bonus can be between 25% and 75% of your base cash rewards. There are 3 tiers in the Preferred Rewards program: Gold, Platinum and Platinum Honors. Your tier is based on your qualifying combined balances in your Bank of America deposit accounts and/or Merrill investment accounts. Depending on your eligible tier of Preferred Rewards, you can get a 25%, 50% to 75% rewards bonus on the baseline rewards. The following chart shows the qualification requirement of minimum balance and rewards for Gold, Platinum, Platinum Honors tiers of Preferred Rewards.

Preferred Rewards TierRewards BonusCash Rewards for the Tier
Gold Tier – $20,000 in combined balance of qualifying accounts25%
  • 3.75% cash back in the spending category of your choice: gas, online shopping, drug stores, home improvement & furnishings, dining or travel, and 2.5% cash back on purchases at grocery stores and wholesale clubs (up to $2,500 in combined choice category, grocery store, wholesale club quarterly purchases)
  • 1.25% cash back on other purchases
Platinum Tier – $50,000 in combined balance of qualifying accounts50%
  • 4.5% cash back in the spending category of your choice: gas, online shopping, drug stores, home improvement & furnishings, dining or travel, and 3% cash back on purchases at grocery stores and wholesale clubs (up to $2,500 in combined choice category, grocery store, wholesale club quarterly purchases)
  • 1.5% cash back on other purchases
Platinum Honors Tier – $100,000 in combined balance of qualifying accounts75%
  • 5.25% cash back in the spending category of your choice: gas, online shopping, drug stores, home improvement & furnishings, dining or travel, and 3.5% cash back on purchases at grocery stores and wholesale clubs (up to $2,500 in combined choice category, grocery store, wholesale club quarterly purchases)
  • 1.75% cash back on other purchases

If you qualify for the Platinum Honors Tier of Preferred Rewards, and still spend the same amount as the above example, i.e., $7,500 on purchases in the spending category that qualifies for the highest cash back, $2,500 on groceries, and $20,000 on everything else per year, you will receive $831.25 cash rewards for the year. See the calculation of cash back rewards for preferred rewards.

Spending CategorySpendingCash RewardsNet Spending (after Cash Back)
3% Cash Back Spending Category of Your Choice:
Gas, Online Shopping, Dining, Travel,
Drug Stores, or Home Improvement, etc
$7,500.00$393.75$7,106.25
Grocery$2,500.00$87.50$2,412.50
Everything Else$20,000.00$350.00$19,650.00
Total$30,000.00$831.25$29,168.75

Free Museum Admission

As a Bank of America credit card member, you will have a unique perk of free admission to over 200 museums on the first full weekend of every month. Bank of America has been running a program of Museums on Us for over two decades, which offers its customers free admission to more than 200 museums on the first weekend each month. You can present your Bank of America Customized Cash Rewards Credit Card along with a photo ID to gain one free general admission to any of 200+ museum participants of the special Museums on Us program.

Visa Signature Benefits

If you have been searching for a cash rewards card that also offers VIP benefits, look no further. Cardholders of Bank of America® Customized Cash Rewards credit card automatically enjoy Visa Signature benefits, which include 24-hour personalized concierge service when you travel, discounts at selected hotels, resorts and spas, travel and roadside assistance, purchase security, an extended warranty program, $0 fraud liability. All of these perks are included at no additional cost to card members.

Interest and Fees

Bank of America® Customized Cash Rewards credit card carries no annual fee. You can earn cash back rewards without worrying about paying an annual fee to keep the card. As an added perk, new members pay zero interest on purchases and qualified balance transfers for an extended period of 15 billing cycles, which is great if you plan on making a large purchase or transferring a high interest balance to the card. After the intro period ends, the go-to rate of 13.99% - 23.99% variable applies.

Is this the right card for you?

With no annual fee and an easy-to-understand rewards structure, Bank of America® Customized Cash Rewards credit card is a great payment card that is best for people who want to get more cash back on the things you buy every day. On top of the new account bonus of $200, you can earn up to 3% cash back on your regular purchases. If you are already a Bank of America customer and maintain accounts with a high balance of $100,000 or more, you can use this credit card to earn top-tier cash rewards of up to 5.25% back, which makes it one of the highest cash back credit cards.

Similar Rewards Credit Cards

If you are interested in Bank of America® Customized Cash Rewards credit card, you may also consider a few other credit cards with similar benefits.

Credit CardBonus and RewardsAnnual Fee
Wells Fargo Active Cash CardWells Fargo Active Cash℠ Card
  • New! Earn a $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months
  • Unlimited 2% cash rewards on purchases
  • $0
    Bank of America Travel Rewards Credit CardBank of America® Travel Rewards credit card
  • 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases
  • Unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points don't expire
  • $0
    Bank of America Premium Rewards Credit CardBank of America® Premium Rewards® credit card
  • Receive 50,000 online bonus points - a $500 value - after you make at least $3,000 in purchases in the first 90 days of account opening
  • Unlimited 2 points for every $1 spent on travel and dining purchases and unlimited 1.5 points per $1 spent on all other purchases
  • $95
    Blue Cash Preferred Card from American ExpressBlue Cash Preferred® Card from American Express
  • A $300 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months.
  • 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%).
  • 6% Cash Back on select U.S. streaming subscriptions.
  • 3% Cash Back at U.S. gas stations and on transit (including taxis/rideshare, parking, tolls, trains, buses and more).
  • 1% Cash Back on other purchases.
  • $0 introductory annual fee for the first year, then $95.
    (fees)
    Blue Cash Everyday Card from American ExpressBlue Cash Everyday® Card from American Express
  • A $200 statement credit after you spend $2,000 in purchases on your new Card within the first 6 months.
  • 3% Cash Back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%).
  • 2% Cash Back at U.S. gas stations and at select U.S. department stores.
  • 1% Cash Back on other purchases.
  • $0
    (fees)
    Chase Freedom UnlimitedChase Freedom Unlimited®
  • $200 Bonus after you spend $500 on purchases in your first 3 months from account opening.
  • 5% cash back on grocery store purchases (not including Target® or Walmart® purchases) on up to $12,000 spent in the first year.
  • 3% cash back on dining at restaurants, including takeout and eligible delivery services
  • 3% cash back on drugstore purchases
  • Unlimited 1.5% cash back on all other purchases
  • $0
    Chase Freedom FlexChase Freedom Flex℠
  • A $200 Bonus after you spend $500 on purchases in your first 3 months from account opening.
  • 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter!
  • 5% cash back on grocery store purchases (not including Target® or Walmart® purchases) on up to $12,000 spent in the first year.
  • 3% cash back on dining at restaurants, including takeout and eligible delivery services
  • 3% cash back on drugstore purchases
  • 5% cash back on travel purchased through Chase Ultimate Rewards®, and 1% on all other purchases.
  • $0
    American Express Blue Business Cash CardAmerican Express Blue Business Cash™ Card
  • A $250 statement credit after you make $3,000 in purchases on your Card in your first 3 months.
  • 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%. Cash back earned is automatically credited to your statement.
  • $0
    (fees)

    Editorial Note: The editorial content on this page is prepared by CardBenefit staff. Opinions expressed herein are author's alone, not those of the bank, credit card issuer, airlines or hotels, and have not been reviewed, approved or otherwise endorsed by any of these entities.

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    2 Responses

    1. Paul

      Is this for US citizens only?

      • CardBenefit

        Yes, the Bank of America® Cash Rewards credit card is for U.S. citizens and U.S. permanent residents only. Qualified applicants need to have a valid SSN and an established credit history of good or excellent credit rating.